City council refinances warrants, saves $622,000 in interest

By Rebekah Martin

Hartselle Enquirer

 

The Hartselle City Council unanimously voted to refinance 2010 General Obligation Warrants at its most recent meeting.

The warrants were originally issued to build F.E. Burleson Elementary School and then rolled into warrants for the Hartselle High School. According to Heyward Hosch of Maynard, Cooper & Gale, the Birmingham-based law firm that handled the refinancing, the new warrants only exist to save the City of Hartselle money on interest payments.

“There’s no new money involved. This is done for interest cost savings, which is very substantial for the city,” Hosch said. “That’s money that you won’t be paying out for the same debt, for the same project and same year and time.”

The new term is the same as the original and will end in June 2031.

In other business, the council also:

-passed a resolution declaring a piece of city-owned property located at 2011 Thunderbird St. NW as surplus, authorizing the mayor to initiate and carry out the removal, sale and disposition of the property.

– approved two budget transfers for the Department of Development and the Hartselle Fire Department.

-held public hearings and passed resolutions granting the following businesses alcohol licenses: Dollar General (241 Highway 31 SW Suite D); Walgreens (201 Highway 31 NW); and Family Lanes and Amusements (501 Longhorn Pass NW.)

-issued a structure abatement notice to Timothy D. Danner in regards to the property located at 503 Pine St. NW. The notice states Danner has until March 4 to comply.

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